Friday, August 07, 2009

Markets In Everything: iPhone Check Deposit App

San Antonio Express News -- Need to deposit a check into your USAA Federal Savings Bank account? USAA has an app for that. The San Antonio-based company is testing the feature for its iPhone application among its employees and plans to release it to the public soon.

With the application, USAA members simply sign the back of any check and then use their iPhone camera to take a picture of the check's front side and back side. They enter some information into the application — including the amount and where it's to be deposited — and then the funds are credited to the designated account.

Most checks will get immediate availability of funds. USAA uses an algorithm that reads details on a check to make sure it's not phony.

Originally posted at Carpe Diem.

9 Comments:

At 8/07/2009 9:57 AM, Blogger Braxton Hicks said...

I am a USAA member and use many of their services, but I wasn't aware of this one. Thanks for the post.

 
At 8/07/2009 10:10 AM, Anonymous Anonymous said...

I've been unhappy with being tied to the bank branch because that is the only way to deposit checks into my account.

I can work from anywhere, get my email and news from anywhere, and if I banked with USAA - I would be able to do my banking from anywhere.

If this goes public, it would be a strong incentive to switch banks.

 
At 8/07/2009 10:23 AM, Blogger Walt G. said...

That's way cool but rather useless; Isn't it?

Maybe USAA will get to the point where they can send me a picture of my money and I can print it using my printer. Until then, I still have to visit a bank or ATM to get money, and I am sure the U.S. Treasury Department would frown on printing your own money :)

 
At 8/07/2009 11:00 AM, Anonymous Anonymous said...

"You still take American dollars?"

That's what I had to ask the last clerk who gave me a perplexed look when presented with cash for payment.

 
At 8/07/2009 11:12 AM, Anonymous Chris said...

I am a USAA member and they also offer deposit at home where you can deposit checks with a scanner. No need for an iPhone. I love USAA - their service for banking and insurance is the best customer service I have ever experienced for anything.

 
At 8/07/2009 11:12 AM, Blogger ExtremeHobo said...

Walt G.

3 things

1) as anon said, cash is relatively outdated. i have gone for at least one or 2 months without using any cash whatsoever

2) if you need cash, something like 90% of all stores do cashback

3) With USAA you can use any ATM in the US for free.

 
At 8/07/2009 2:43 PM, Anonymous geoih said...

And now another message from our sponsor, USAA.

I love capitalism!

(I've been a member of USAA for 25 years.)

 
At 8/07/2009 3:37 PM, Anonymous Anonymous said...

I am a USAA member and use the deposit at home feature all the time. Scan front and back of the check. The funds are deposited in my account. Destroy the check. Works great. I almost never use paper money or checks. I like the idea of the iPhone app. Now only if I had an iPhone

 
At 8/07/2009 5:44 PM, Blogger Brandon said...

CASH OUTDATED?!?! CASH IS KING, ESPECIALLY IN THIS ENVIRONMENT!

 

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